UBS Asset Management Highlights Dollar Dominance Amid Global Financial Shifts
UBS Asset Management's executive director, Massimiliano Castelli, presented a study titled 'Dollar Dominance in the Global Financial System: Dissatisfaction without Displacement' at a recent roundtable discussion. The study, published in June 2026, explores the persistent dominance of the U.S. dollar in global finance despite growing dissatisfaction among central banks and financial institutions. The discussion, organized by the Hungarian Economic Association and the Credit Institution Review, highlighted the lack of viable alternatives to the dollar, despite geopolitical tensions and economic shifts. Castelli noted that while central banks express uncertainty about the dollar's institutional foundations, this has not yet translated into significant changes in reserve allocations. The study also examined the structural factors that maintain the dollar's dominance, such as the depth and liquidity of U.S. capital markets and the Federal Reserve's role in providing dollar liquidity during crises. 
